[Stu from NYC]

Originally Posted by joseppe

At those figures you'll break even in about 18 or 19 years!

Does not seem like much of an investment to me. And might make it harder to sell your house down the road

[Stu from NYC]

Originally Posted by Rosie1950

My daughter had solar put on in CT. Very reputable company installed the panels.
Within a month every time it rains she has leaking from the roof all over her home. The roof was 2 years old at the time the panels were installed. They called the roofer and found out the panels were causing the damages. When they called the solar people, they were informed “we’re not roofers”, and would NOT remove the panels so the repair work could be done UNLESS my kids agreed to pay a charge. The kids expected the solar company to be responsible for the damages to the new roof. NOT.
I myself would have put in a claim with my insurance and let them sort it out.
If they just have the panels removed and be done with it, They STILL have to pay the solar people even though they don’t have solar any longer.
Boy that’s the business I want to own. Take no responsibility ever and continue to get paid.
Sounds like a weather man.

Would think she could have sued the company for damages.

[mamamia.thebern@gmail.com]

Originally Posted by PresqueIsle1-52

Does anyone have any information on this. When something sounds to good to be true it usually is. Can’t help but wonder after the initial purchase and installation how many years would it take to start saving money?

Yes we have solar from SunPro make sure they don’t put a lien against your house to pay for the panels we found out 1 year later when we went to Refi our house at lower rate this year. Buyer beware

[1couple]

Originally Posted by PresqueIsle1-52

Does anyone have any information on this. When something sounds to good to be true it usually is. Can’t help but wonder after the initial purchase and installation how many years would it take to start saving money?

It’s basically a scam it’s very little power and the maintenance cost is extremely expensive you will loose money in the long run

[popbaby2]

In a small way, you are helping to save the planet......

[graciegirl]

Originally Posted by popbaby2

In a small way, you are helping to save the planet......

A very expensive small way. Almost all thinking people want to help save the planet and the issue is how and whether to spend money with little or no effect to be on the "band wagon".

[OrangeBlossomBaby]

No such thing as a free lunch.

That said, our electric costs here in Florida are very low. Savings - even if there were any - aren't a very practical reason to get solar down here. But if you're more concerned with ecology than you are with finances, it's a good investment in the planet even if it's not a good one in your house.

[Reedpanos@gmail.com]

Originally Posted by PresqueIsle1-52

Does anyone have any information on this. When something sounds to good to be true it usually is. Can’t help but wonder after the initial purchase and installation how many years would it take to start saving money?

I purchased solar panels 6 years ago, paying $3.00 per KW. with Jack's solar. A very reputable contractor, he comes for any reason free to help with the panels (only small issues at the time of the first year.) He has told me he will remove and replace the panels if the roof needs replacement at no cost. I kept very detailed records of before and after and have the following thoughts.
1. The nine year pay back is real, so if you are not going to live nine years, or own the house for nine years, it is a net loss. In three more years I will have free power and I plan to live in my house for at least 20 more. The panels are getting more efficient and cheaper, so costs might be less than they used to be.
2. One benefit that no one has mentioned is you will have to replace your electric meter with a digital bidirectional meter. SECO will do this. I found the digital meter recorded half of the power usage than the replaced mechanical meter, meaning the mechanical meter being old, was not accurate and overcharged me.
2. This is NOT an investment, it is a way to pay for electricity that you would otherwise pay a utility company. If you get past the nine years it is actually cheaper.
3. The companies that market rental and lease options all have the issue of trying to transfer the lease at selling the house. If you have the money, buying it outright is good, most buyers see the panels as a benefit to buying. I also think paid for panels will actually increase the sale ability of my home. Leases however scare people and it becomes an issue.
4. The benefit to the environment cannot be overstated. I believe in making decisions that I am proud to say makes a difference to my neighbors and my children.

[retiredguy123]

Originally Posted by graciegirl

A very expensive small way. Almost all thinking people want to help save the planet and the issue is how and whether to spend money with little or no effect to be on the "band wagon".

The problem is that, for every person who is willing to buy a solar system to "save the planet", there are probably at least 20 people who buy a system because a contractor lied to them about the financial benefits. The solar panel industry and their marketing claims are a scam.

[retiredguy123]

Originally Posted by Reedpanos@gmail.com

I purchased solar panels 6 years ago, paying $3.00 per KW. with Jack's solar. A very reputable contractor, he comes for any reason free to help with the panels (only small issues at the time of the first year.) He has told me he will remove and replace the panels if the roof needs replacement at no cost. I kept very detailed records of before and after and have the following thoughts.
1. The nine year pay back is real, so if you are not going to live nine years, or own the house for nine years, it is a net loss. In three more years I will have free power and I plan to live in my house for at least 20 more. The panels are getting more efficient and cheaper, so costs might be less than they used to be.
2. One benefit that no one has mentioned is you will have to replace your electric meter with a digital bidirectional meter. SECO will do this. I found the digital meter recorded half of the power usage than the replaced mechanical meter, meaning the mechanical meter being old, was not accurate and overcharged me.
2. This is NOT an investment, it is a way to pay for electricity that you would otherwise pay a utility company. If you get past the nine years it is actually cheaper.
3. The companies that market rental and lease options all have the issue of trying to transfer the lease at selling the house. If you have the money, buying it outright is good, most buyers see the panels as a benefit to buying. I also think paid for panels will actually increase the sale ability of my home. Leases however scare people and it becomes an issue.
4. The benefit to the environment cannot be overstated. I believe in making decisions that I am proud to say makes a difference to my neighbors and my children.

In your nine year payback calculation, did you include the lost investment potential for the initial cost to buy the system? If so, what potential investment return did you use? In my experience, most payback calculations do not consider any investment potential. But, when it is included, the payback period will appoximately double.

[Stu from NYC]

Originally Posted by retiredguy123

In your nine year payback calculation, did you include the lost investment potential for the initial cost to buy the system? If so, what potential investment return did you use? In my experience, most payback calculations do not consider any investment potential. But, when it is included, the payback period will appoximately double.

Good point about opportunity cost. You sound like one of my economics professors from way back when.

[zendog3]

Several months ago I had solar panels installed on my house. I now pay almost nothing to the electric company but I pay about what I used to to the bank to pay of the loan on the panels. It will be paid for when I am 105 years old. But it is nothing out-of-pocked and I am not responsible for releasing thousands of tons of carbon into the atmosphere. If you care about global warming, you should look into it.

When I sell my house, the new owner will have to pay off the loan, but he will be buying a house with no utility bill for electricity.

No leaky roof. I suppose it could happen with a fly-by-night contractor but I used Momentem Solar.

II would definitely do it again, but I actually believe global warming is a threat to humanity and if I can to something to stop it without dipping into my pocket, I'm all in.

[Stu from NYC]

Originally Posted by zendog3

Several months ago I had solar panels installed on my house. I now pay almost nothing to the electric company but I pay about what I used to to the bank to pay of the loan on the panels. It will be paid for when I am 105 years old. But it is nothing out-of-pocked and I am not responsible for releasing thousands of tons of carbon into the atmosphere. If you care about global warming, you should look into it.

When I sell my house, the new owner will have to pay off the loan, but he will be buying a house with no utility bill for electricity.

No leaky roof. I suppose it could happen with a fly-by-night contractor but I used Momentem Solar.

II would definitely do it again, but I actually believe global warming is a threat to humanity and if I can to something to stop it without dipping into my pocket, I'm all in.

You did it for a nice reason but you are not responsible for releasing thousands of tons of carbon into the atmosphere. Lots and lots of other entities are supplying the vast majority of it

[Dilligas]

Originally Posted by joseppe

At those figures you'll break even in about 18 or 19 years!

18 or 19 years excluding what you could have earned on your $9000 investment. You need to take all factors in to account.

[retiredguy123]

Originally Posted by Dilligas

18 or 19 years excluding what you could have earned on your $9000 investment. You need to take all factors in to account.

The cost of $9,000 is very low compared to the average cost in The Villages. A more typical cost would be about $15,000 for a 1200 SF house. Here is how I evaluated the financial benefits of a solar panel system for my house.

Scenario No. 1: I buy a solar panel system for a cash price of $15,000. 20 years later, the system has probably reached its useful life and is worth nothing. In any case, I will still need to replace the roof and need to remove the solar panels, which I doubt will be worth reinstalling 20 year old panels.

Scenario No. 2: I don’t buy a solar panel system and, instead, I invest $15,000 in a diversified stock and bond portfolio and assume an annual total return of 5 percent per year. 20 years later, I have $40,000 in my account.

$40,000 / 20 years = $2,000

$2,000 / 12 months = $166

$166 per month is about two times my current monthly electric bill.

Conclusion: A solar panel system is not worth buying.